Sunshine Biopharma Reports 2024 First Quarter Results: Revenues Up 54%

NEW YORK, NY / ACCESSWIRE / May 21, 2024 / Sunshine Biopharma, Inc. (NASDAQ:SBFM) (the "Company"), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that it has filed its 2024 first quarter report with the Securities and Exchange Commission. The Company reported gross revenues of $7,541,046 for the quarter ended March 31, 2024, a 54% increase over gross revenues of $4,894,053 for same period in 2023. The increase is due to new product launches and expanded marketing and sales efforts by the Company's wholly owned Canadian subsidiary, Nora Pharma Inc.

The following are the Company's 2024 first quarter highlights:

• Sales in the first quarter grew to $7,541,046, compared to $4,894,053 during the same period last year, an increase of 54%.
• Net loss for the period ended March 31, 2024 was $(1,283,801) compared to a net loss of $(1,702,430) during the same period of 2023.
• On February 15, 2024, the Company completed an underwritten public offering for gross proceeds of approximately $10 million. The net proceeds received by the Company were $8,522,411.

"We continue to make progress and work diligently toward our goal of attaining profitability," said Dr. Steve Slilaty, CEO of Sunshine Biopharma.

The following are key items contained in the Company's Income Statement included in the 2024Q1 10-Q report:

			2024Q1				2023Q1
Sales		$	7,541,046			$	4,894,053
Gross Profit		$	2,354,337			$	1,828,122
General & Administrative Expenses		$	3,704,926			$	3,657,103
Net Loss		$	(1,283,801